Redwood Materials lays off 10% in restructuring to chase energy storage business

The company is restructuring some teams to accommodate a booming energy storage business, according to emails viewed by TechCrunch.

Redwood cuts 10% to double down on energy storage—why now? The company is restructuring, laying off 10% of its workforce. This strategic move aims to pivot resources toward their booming energy storage division. According to emails obtained by TechCrunch, this decision reflects a growing demand for energy storage solutions. Redwood Materials, known for its battery recycling, sees a lucrative opportunity in this sector. So, why does this matter? The global energy storage market is projected to reach $620 billion by 2040, according to BloombergNEF. Redwood's shift is a calculated bet to capture a slice of this expanding pie. By reallocating resources now, they're positioning themselves as a key player in future energy solutions. Want to understand the full scope of Redwood's strategic shift? Check out the full article link in bio.